Newsday
Merrill Lynch & Co. is appealing a $7.7 million arbitration award that securities lawyers say could foreshadow a tidal wave of trouble for the nation’s large full-service brokerages. A private arbitration panel made the award last month to a Pittsburgh couple who claimed Merrill didn’t properly advise them on how to handle a large investment […]
The Daily Journal
A Southern California law firm representing two elderly investors has filed suit against a stock market group, seeking to force it to appoint arbitrators to hear their clients’ claim that a stockbroker caused them to lose their retirement savings. The suit, filed Monday in Los Angeles Superior Court by the Beverly Hills firm of Aidikoff […]
Cleveland Plain Dealer
Frank Gruttadauria’s plea agreement will pave the way for settlements, jury verdicts and arbitration awards in favor of his victims, several securities law experts said yesterday. The former high-rolling Cleveland stockbroker has agreed to plead guilty to four criminal charges in one of the nation’s largest cases of fraud involving an individual broker. At least […]
CBS Marketwatch
Like the kid who says he gets to make the rules because he’s got the only ball, the National Association of Securities Dealers and the New York Stock Exchange have blocked new investor arbitrations in California because they don’t want to follow the state’s new conflict-of-interest disclosure rules. The California legislature, concerned about the growing […]
USA Today
Plenty of investors are upset with their stockbrokers, but they are also losing faith that Wall Street’s watchdog group will help them. Consider this: Investor arbitration claims against brokers jumped 24% last year. But, at the same time, investor complaints to that watchdog group, the National Association of Securities Dealers (NASD), fell 22%. That may […]